Investors lost a whopping N5.7 billion as trading on the floor of the Nigerian Stock Exchange ended on bearish note with share price declining by 10 per cent at the end of trading activities Monday.
Some of those who lost the most are the core investors in Seplat Petroleum Development Company Plc —Austin Avuru and A.B.C Orjiako.
Seplat Plc was among the worst-performing stocks at the end of trading session. As a matter of fact, the company was atop the loser’s list after declining by 10 per cent, alongside other losers such as Forte Oil Plc, Julius Berger Nigeria Plc, etc.
Oil firm’s share price fell from N490 on Friday to N441 on Monday; thereby shedding N49. It is currently unclear what exactly influenced the decline in the share price.
Austin Avuru and A.B.C Orjiako are two of the biggest shareholders in Seplat Petroleum which is one of Nigeria’s biggest upstream oil companies. Avuru, who is the company’s Chief Executive Officer, owns a total of 70,823,189 units of shares according to the company’s 2018 full-year financial report.
Similarly, Orjiako owns 45,951,325 units of shares thanks to his status as the Non-Executive Chairman of the company.
At N490 on Friday, Austin Avuru’s total direct and indirect shareholding in the company translated to some N34.7 billion. Similarly, A.B.C Orjiako’s total shareholding stood at N22.5 billion on Friday.